Review of Period
|
1
|
Economic Review
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1
|
Outlook
|
1
|
Interview with Jay Sekelsky
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1
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Investors Fund
|
2
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Mid-Cap Fund
|
3
|
Disciplined Equity Fund
|
5
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Balanced Fund
|
6
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NorthRoad International Fund
|
8
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Portfolio of Investments
|
|
Investors Fund
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9
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Mid-Cap Fund
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10
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Disciplined Equity Fund
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11
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Balanced Fund
|
12
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NorthRoad International Fund
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14
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Statements of Assets and Liabilities
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15
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Statements of Operations
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16
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Statements of Changes in Net Assets
|
17
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Financial Highlights
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19
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Notes to Financial Statements
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22
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Other Information
|
28
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FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Investors seeks long-term capital appreciation through investments in large, high-quality growth companies.
|
Net Assets: $41.6 million
|
Date of Inception: November 1, 1978
|
Ticker: MINVX
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
8.2%
|
Consumer Staples
|
13.6%
|
Energy
|
13.9%
|
Financials
|
18.8%
|
Health Care
|
12.1%
|
Industrials
|
7.6%
|
Information Technology
|
22.1%
|
Cash & Other
|
3.7%
|
TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Microsoft Corp.
|
4.94%
|
PepsiCo Inc.
|
4.45%
|
Target Corp.
|
4.09%
|
Johnson & Johnson
|
4.06%
|
Google Inc., Class A
|
3.97%
|
Cisco Systems Inc.
|
3.84%
|
3M Co.
|
3.51%
|
Franklin Resources Inc.
|
3.45%
|
Intel Corp.
|
3.19%
|
Visa Inc., Class A
|
3.18%
|
FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Mid-Cap seeks long-term growth through the investment in mid-sized companies.
|
Net Assets: $160.1 million
|
Date of Inception: July 21, 1983
|
Ticker: GTSGX
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
19.3%
|
Consumer Staples
|
3.8%
|
Energy
|
6.6%
|
Financials
|
25.2%
|
Health Care
|
11.9%
|
Industrials
|
14.3%
|
Information Technology
|
10.1%
|
Materials
|
2.5%
|
Cash & Other
|
6.3%
|
TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Brookfield Asset Management Inc.
|
4.63%
|
TJX Cos. Inc.
|
3.76%
|
Markel Corp.
|
3.57%
|
Bed Bath & Beyond Inc.
|
3.46%
|
DENTSPLY International Inc.
|
3.34%
|
WR Berkley Corp.
|
3.34%
|
Laboratory Corp. of America Holdings
|
3.26%
|
Copart Inc.
|
3.19%
|
Techne Corp.
|
3.13%
|
Western Union Co./The
|
2.99%
|
FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Disciplined Equity seeks long-term growth with diversification among all equity market sectors.
|
Net Assets: $163.3 million
|
Date of Inception: December 31, 1997
|
Ticker: MADEX
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
10.6%
|
Consumer Staples
|
9.7%
|
Energy
|
12.2%
|
Financials
|
15.9%
|
Health Care
|
11.5%
|
Industrials
|
10.7%
|
Information Technology
|
18.0%
|
Materials
|
3.1%
|
Telecommunication Services
|
2.2%
|
Utilities
|
2.6%
|
Cash & Other
|
3.5%
|
TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Johnson & Johnson
|
3.18%
|
Microsoft Corp.
|
3.15%
|
Google Inc., Class A
|
2.99%
|
PepsiCo Inc.
|
2.97%
|
3M Co.
|
2.64%
|
NextEra Energy Inc.
|
2.55%
|
Cisco Systems Inc.
|
2.39%
|
Apache Corp.
|
2.38%
|
ConocoPhillips
|
2.29%
|
AT&T Inc.
|
2.24%
|
FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Balanced seeks to provide current dividend income while providing opportunity for capital appreciation by investing in a combination of mid-to-large companies and government agency and investment grade corporate bonds.
|
Net Assets: $11.7 million
|
Date of Inception: December 18, 1986
|
Ticker: BHBFX
|
COMMON STOCK ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/11
|
|
Consumer Discretionary
|
5.5%
|
Consumer Staples
|
9.5%
|
Energy
|
9.5%
|
Financials
|
12.8%
|
Health Care
|
8.0%
|
Industrials
|
5.0%
|
Information Technology
|
14.6%
|
PORTFOLIO INVESTMENT BLEND AS A PERCENTAGE OF NET ASSETS AS OF 6/30/11
|
|
Common Stocks
|
64.9%
|
Corporate Bonds
|
16.4%
|
Government Bonds
|
14.7%
|
Cash & Other
|
4.0%
|
TOP FIVE STOCK AND FIXED INCOME HOLDINGS
AS OF 6/30/11
|
|
% of net assets
|
|
Top Five Stock Holdings
(64.9% of net assets in stocks)
|
|
Microsoft Corp.
|
3.34%
|
PepsiCo Inc.
|
3.01%
|
Johnson & Johnson
|
2.76%
|
Target Corp.
|
2.75%
|
Google Inc., Class A
|
2.65%
|
Top Five Fixed Income Holdings
(31.1% of net assets in fixed income)
|
|
U.S. Treasury Note, 1%, 7/31/11
|
3.41%
|
U.S. Treasury Note, 3.75%, 11/15/18
|
1.71%
|
Federal Home Loan Bank, 5.5%, 8/13/14
|
1.46%
|
Freddie Mac, 4.875%, 11/15/13
|
1.41%
|
American Express Co., 4.875%, 7/15/13
|
1.36%
|
FUND-AT-A-GLANCE
|
Objective: Madison Mosaic NorthRoad International seeks long-term capital appreciation through the investment in non-U.S. companies.
|
Net Assets: $1.6 million
|
Ticker: NRIEX
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
6.1%
|
Consumer Staples
|
19.7%
|
Energy
|
11.7%
|
Financials
|
14.3%
|
Health Care
|
16.2%
|
Industrials
|
2.0%
|
Information Technology
|
9.8%
|
Materials
|
9.6%
|
Telecommunication Services
|
5.1%
|
Cash & Other
|
5.5%
|
TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Novartis AG, ADR
|
4.04%
|
Diageo PLC, ADR
|
4.03%
|
GlaxoSmithKline PLC, ADR
|
4.03%
|
France Telecom S.A., ADR
|
3.07%
|
Sanofi, ADR
|
3.07%
|
Mitsubishi UFJ Financial Group Inc.
|
3.07%
|
ENI SpA, ADR
|
3.07%
|
Total S.A., ADR
|
3.06%
|
Royal Dutch Shell PLC, ADR
|
3.05%
|
HSBC Holdings PLC, ADR
|
3.02%
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 96.3%
|
||
Consumer Discretionary - 8.2%
|
||
Staples Inc.
|
62,565
|
$ 988,527
|
Target Corp.
|
36,305
|
1,703,068
|
Walt Disney Co./The
|
19,005
|
741,955
|
3,433,550
|
||
Consumer Staples - 13.6%
|
||
Coca-Cola Co./The
|
12,713
|
855,458
|
Costco Wholesale Corp.
|
9,318
|
756,994
|
Diageo PLC, ADR
|
13,677
|
1,119,736
|
Kraft Foods Inc., Class A
|
31,255
|
1,101,114
|
PepsiCo Inc.
|
26,272
|
1,850,337
|
5,683,639
|
||
Energy - 13.9%
|
||
Apache Corp.
|
8,565
|
1,056,835
|
Canadian Natural Resources Ltd.
|
25,540
|
1,069,104
|
Chevron Corp.
|
10,832
|
1,113,963
|
Noble Corp.*
|
13,895
|
547,602
|
Petroleo Brasileiro S.A., ADR
|
29,945
|
1,013,938
|
Schlumberger Ltd.
|
11,424
|
987,034
|
5,788,476
|
||
Financials - 18.8%
|
||
Bank of New York Mellon Corp./The
|
44,593
|
1,142,473
|
Berkshire Hathaway Inc., Class B*
|
13,689
|
1,059,392
|
Brookfield Asset Management Inc.
|
26,790
|
888,624
|
Franklin Resources Inc.
|
10,932
|
1,435,262
|
Markel Corp.*
|
2,911
|
1,155,114
|
Northern Trust Corp.
|
17,925
|
823,833
|
US Bancorp
|
51,790
|
1,321,163
|
7,825,861
|
||
Health Care - 12.1%
|
||
Johnson & Johnson
|
25,384
|
1,688,544
|
Laboratory Corp. of America Holdings*
|
9,731
|
941,863
|
Novartis AG, ADR
|
20,533
|
1,254,772
|
UnitedHealth Group Inc.
|
21,999
|
1,134,708
|
5,019,887
|
||
Shares
|
Value (Note 1)
|
|
Industrials - 7.6%
|
||
3M Co.
|
15,401
|
$ 1,460,785
|
Jacobs Engineering Group Inc.*
|
17,515
|
757,524
|
Waste Management Inc.
|
25,105
|
935,663
|
3,153,972
|
||
Information Technology - 22.1%
|
||
Cisco Systems Inc.
|
102,374
|
1,598,058
|
Google Inc., Class A*
|
3,258
|
1,649,786
|
Intel Corp.
|
59,905
|
1,327,495
|
Microsoft Corp.
|
79,079
|
2,056,054
|
Qualcomm Inc.
|
21,510
|
1,221,553
|
Visa Inc., Class A
|
15,700
|
1,322,881
|
9,175,827
|
||
Total Common Stock
(Cost $35,886,482)
|
40,081,212
|
|
Repurchase Agreement - 3.6%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $1,522,532 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $1,492,672 (Cost $1,492,672)
|
1,492,672
|
|
TOTAL INVESTMENTS - 99.9% (Cost $37,379,154)
|
41,573,884
|
|
NET OTHER ASSETS AND LIABILITIES - 0.1%
|
34,099
|
|
TOTAL ASSETS - 100.0%
|
$ 41,607,983
|
*
|
Non-income producing
|
ADR
|
American Depository Receipt
|
PLC
|
Public Limited Company
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 93.7%
|
||
Consumer Discretionary - 19.3%
|
||
Bed Bath & Beyond Inc.*
|
94,815
|
$ 5,534,352
|
CarMax Inc.*
|
143,929
|
4,759,732
|
Liberty Global Inc., Class C*
|
79,369
|
3,389,056
|
Omnicom Group Inc.
|
94,590
|
4,555,454
|
Staples Inc.
|
230,247
|
3,637,903
|
TJX Cos. Inc.
|
114,680
|
6,024,140
|
Yum! Brands Inc.
|
54,330
|
3,001,189
|
30,901,826
|
||
Consumer Staples - 3.8%
|
||
Brown-Forman Corp., Class B
|
39,569
|
2,955,408
|
McCormick & Co. Inc.
|
63,740
|
3,159,592
|
6,115,000
|
||
Energy - 6.6%
|
||
EOG Resources Inc.
|
29,187
|
3,051,501
|
Noble Corp.*
|
101,280
|
3,991,445
|
Southwestern Energy Co.*
|
81,595
|
3,498,793
|
10,541,739
|
||
Financials - 25.2%
|
||
Arch Capital Group Ltd.*
|
133,635
|
4,265,629
|
Brookfield Asset Management Inc.
|
223,471
|
7,412,533
|
Brown & Brown Inc.
|
138,685
|
3,558,657
|
Glacier Bancorp Inc.
|
108,776
|
1,466,301
|
Leucadia National Corp.
|
118,910
|
4,054,831
|
M&T Bank Corp.
|
28,024
|
2,464,711
|
Markel Corp.*
|
14,410
|
5,718,032
|
Northern Trust Corp.
|
65,955
|
3,031,292
|
T Rowe Price Group Inc.
|
49,682
|
2,997,812
|
WR Berkley Corp.
|
164,644
|
5,341,051
|
40,310,849
|
||
Health Care - 11.9%
|
||
CR Bard Inc.
|
31,255
|
3,433,674
|
DENTSPLY International Inc.
|
140,284
|
5,342,015
|
Laboratory Corp. of America Holdings*
|
53,842
|
5,211,367
|
Techne Corp.
|
60,176
|
5,016,873
|
19,003,929
|
||
Shares
|
Value (Note 1)
|
|
Industrials - 14.3%
|
||
Copart Inc.*
|
109,425
|
$ 5,099,205
|
IDEX Corp.
|
97,364
|
4,464,139
|
Jacobs Engineering Group Inc.*
|
91,085
|
3,939,426
|
Ritchie Bros Auctioneers Inc.
|
55,443
|
1,524,128
|
Wabtec Corp.
|
58,509
|
3,845,212
|
Waste Management Inc.
|
110,475
|
4,117,403
|
22,989,513
|
||
Information Technology - 10.1%
|
||
Amphenol Corp., Class A
|
53,351
|
2,880,421
|
Broadridge Financial Solutions Inc.
|
195,389
|
4,703,013
|
FLIR Systems Inc.
|
114,528
|
3,860,739
|
Western Union Co./The
|
239,285
|
4,792,879
|
16,237,052
|
||
Materials - 2.5%
|
||
Ecolab Inc.
|
69,600
|
3,924,049
|
Total Common Stock
(Cost $115,081,519)
|
150,023,957
|
|
Repurchase Agreement - 5.8%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $9,471,417 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $9,285,665 (Cost $9,285,662)
|
9,285,662
|
|
TOTAL INVESTMENTS - 99.5% (Cost $124,367,181)
|
159,309,619
|
|
NET OTHER ASSETS AND LIABILITIES - 0.5%
|
764,952
|
|
TOTAL ASSETS - 100.0%
|
$160,074,571
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 96.5%
|
||
Consumer Discretionary - 10.6%
|
||
Discovery Communications Inc.*
|
60,850
|
$ 2,224,068
|
Omnicom Group Inc.
|
61,577
|
2,965,548
|
Staples Inc.
|
144,745
|
2,286,971
|
Target Corp.
|
69,575
|
3,263,763
|
TJX Cos. Inc.
|
57,985
|
3,045,952
|
Walt Disney Co./The
|
46,380
|
1,810,675
|
Yum! Brands Inc.
|
30,345
|
1,676,258
|
17,273,235
|
||
Consumer Staples - 9.7%
|
||
Coca-Cola Co./The
|
36,680
|
2,468,197
|
Costco Wholesale Corp.
|
24,805
|
2,015,158
|
Diageo PLC, ADR
|
41,745
|
3,417,663
|
Kraft Foods Inc., Class A
|
87,060
|
3,067,124
|
PepsiCo Inc.
|
68,760
|
4,842,767
|
15,810,909
|
||
Energy - 12.2%
|
||
Apache Corp.
|
31,448
|
3,880,369
|
Canadian Natural Resources Ltd.
|
50,975
|
2,133,814
|
Chevron Corp.
|
34,549
|
3,553,019
|
ConocoPhillips
|
49,765
|
3,741,830
|
Noble Corp.*
|
37,225
|
1,467,037
|
Petroleo Brasileiro S.A., ADR
|
81,725
|
2,767,209
|
Schlumberger Ltd.
|
27,866
|
2,407,622
|
19,950,900
|
||
Financials - 15.9%
|
||
Bank of New York Mellon Corp./The
|
103,295
|
2,646,418
|
Berkshire Hathaway Inc., Class B*
|
36,774
|
2,845,940
|
Brookfield Asset Management Inc.
|
73,985
|
2,454,082
|
Franklin Resources Inc.
|
21,841
|
2,867,505
|
M&T Bank Corp.
|
25,075
|
2,205,346
|
Markel Corp.*
|
7,096
|
2,815,764
|
Morgan Stanley
|
84,070
|
1,934,451
|
Northern Trust Corp.
|
62,525
|
2,873,649
|
US Bancorp
|
130,610
|
3,331,861
|
WR Berkley Corp.
|
58,425
|
1,895,307
|
25,870,323
|
||
Health Care - 11.5%
|
||
Allergan Inc.
|
21,875
|
1,821,094
|
Johnson & Johnson
|
78,040
|
5,191,221
|
Laboratory Corp. of America Holdings*
|
28,576
|
2,765,871
|
Novartis AG, ADR
|
51,280
|
3,133,721
|
Stryker Corp.
|
39,025
|
2,290,377
|
Teva Pharmaceutical Industries Ltd., ADR
|
34,095
|
1,644,061
|
UnitedHealth Group Inc.
|
38,410
|
1,981,188
|
18,827,533
|
||
Shares
|
Value (Note 1)
|
|
Industrials - 10.7%
|
||
3M Co.
|
45,448
|
$ 4,310,743
|
Aecom Technology Corp.*
|
62,345
|
1,704,512
|
Copart Inc.*
|
42,680
|
1,988,888
|
Illinois Tool Works Inc.
|
48,430
|
2,735,811
|
Jacobs Engineering Group Inc.*
|
41,115
|
1,778,224
|
Rockwell Collins Inc.
|
42,900
|
2,646,501
|
Waste Management Inc.
|
63,650
|
2,372,235
|
17,536,914
|
||
Information Technology - 18.0%
|
||
Cisco Systems Inc.
|
249,815
|
3,899,612
|
FLIR Systems Inc.
|
71,125
|
2,397,624
|
Google Inc., Class A*
|
9,654
|
4,888,592
|
Intel Corp.
|
104,935
|
2,325,360
|
International Business Machines Corp.
|
12,543
|
2,151,752
|
Microsoft Corp.
|
197,525
|
5,135,650
|
Qualcomm Inc.
|
59,475
|
3,377,585
|
Visa Inc., Class A
|
41,000
|
3,454,660
|
Western Union Co./The
|
87,440
|
1,751,423
|
29,382,258
|
||
Materials - 3.1%
|
||
Ecolab Inc.
|
56,000
|
3,157,280
|
Praxair Inc.
|
18,080
|
1,959,691
|
5,116,971
|
||
Telecommunication Services - 2.2%
|
||
AT&T Inc.
|
116,170
|
3,648,900
|
Utilities - 2.6%
|
||
NextEra Energy Inc.
|
72,370
|
4,158,380
|
Total Common Stock
(Cost $147,985,773)
|
157,576,323
|
|
Repurchase Agreement - 3.8%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $6,329,287 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $6,205,158 (Cost $6,205,156)
|
6,205,156
|
|
TOTAL INVESTMENTS - 100.3%
(Cost $154,190,930)
|
163,781,479
|
|
NET OTHER ASSETS AND LIABILITIES - (0.3%)
|
(523,062)
|
|
TOTAL ASSETS - 100.0%
|
$163,258,417
|
*
|
Non-income producing
|
ADR
|
American Depository Receipt
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 64.9%
|
||
Consumer Discretionary - 5.5%
|
||
Staples Inc.
|
11,835
|
$ 186,993
|
Target Corp.
|
6,870
|
322,272
|
Walt Disney Co./The
|
3,445
|
134,493
|
643,758
|
||
Consumer Staples - 9.5%
|
||
Coca-Cola Co./The
|
2,485
|
167,216
|
Costco Wholesale Corp.
|
1,774
|
144,120
|
Diageo PLC, ADR
|
2,735
|
223,914
|
Kraft Foods Inc., Class A
|
6,240
|
219,835
|
PepsiCo Inc.
|
5,017
|
353,347
|
1,108,432
|
||
Energy - 9.5%
|
||
Apache Corp.
|
1,690
|
208,529
|
Canadian Natural Resources Ltd.
|
4,905
|
205,323
|
Chevron Corp.
|
2,084
|
214,319
|
Noble Corp.*
|
2,675
|
105,422
|
Petroleo Brasileiro S.A., ADR
|
5,690
|
192,663
|
Schlumberger Ltd.
|
2,202
|
190,253
|
1,116,509
|
||
Financials - 12.8%
|
||
Bank of New York Mellon Corp./The
|
8,357
|
214,106
|
Berkshire Hathaway Inc., Class B*
|
2,601
|
201,292
|
Brookfield Asset Management Inc.
|
5,005
|
166,016
|
Franklin Resources Inc.
|
2,148
|
282,011
|
Markel Corp.*
|
577
|
228,959
|
Northern Trust Corp.
|
3,347
|
153,828
|
US Bancorp
|
10,055
|
256,503
|
1,502,715
|
||
Health Care - 8.0%
|
||
Johnson & Johnson
|
4,870
|
323,952
|
Laboratory Corp. of America Holdings*
|
1,816
|
175,771
|
Novartis AG, ADR
|
3,635
|
222,135
|
UnitedHealth Group Inc.
|
4,210
|
217,152
|
939,010
|
||
Industrials - 5.0%
|
||
3M Co.
|
2,850
|
270,323
|
Jacobs Engineering Group Inc.*
|
3,365
|
145,536
|
Waste Management Inc.
|
4,685
|
174,610
|
590,469
|
||
Information Technology - 14.6%
|
||
Cisco Systems Inc.
|
19,409
|
302,974
|
Google Inc., Class A*
|
614
|
310,917
|
Intel Corp.
|
10,665
|
236,336
|
Shares
|
Value (Note 1)
|
|
Microsoft Corp.
|
15,055
|
$ 391,430
|
Qualcomm Inc.
|
3,895
|
221,197
|
Visa Inc., Class A
|
3,010
|
253,623
|
1,716,477
|
||
Total Common Stock
(Cost $6,678,086)
|
7,617,370
|
|
CORPORATE NOTES AND BONDS - 16.4%
|
||
Consumer Discretionary - 0.5%
|
||
Comcast Cable Communications Holdings Inc., 8.375%, 3/15/13
|
55,000
|
61,627
|
Consumer Staples - 1.9%
|
||
Costco Wholesale Corp., 5.3%, 3/15/12
|
100,000
|
103,575
|
Kraft Foods Inc., 5.625%, 11/1/11
|
13,000
|
13,209
|
Sysco Corp., 5.25%, 2/12/18
|
100,000
|
110,503
|
227,287
|
||
Energy - 3.8%
|
||
BP Capital Markets PLC, 3.875%, 3/10/15
|
52,000
|
54,811
|
Devon Energy Corp., 6.3%, 1/15/19
|
100,000
|
117,781
|
Marathon Oil Corp., 6%, 10/1/17
|
100,000
|
115,027
|
Valero Energy Corp., 6.875%, 4/15/12
|
150,000
|
156,890
|
444,509
|
||
Financials - 4.2%
|
||
Allstate Corp./The, 6.2%, 5/16/14
|
100,000
|
113,248
|
American Express Co., 4.875%, 7/15/13
|
150,000
|
159,564
|
Berkshire Hathaway Finance Corp., 4.85%, 1/15/15
|
100,000
|
110,493
|
General Electric Capital Corp., 4.8%, 5/1/13
|
100,000
|
106,234
|
489,539
|
||
Health Care - 1.2%
|
||
Abbott Laboratories, 5.6%, 11/30/17
|
125,000
|
145,061
|
Industrials - 1.0%
|
||
United Parcel Service Inc., 5.5%, 1/15/18
|
100,000
|
113,554
|
Information Technology - 3.8%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
100,000
|
113,818
|
Hewlett-Packard Co., 4.5%, 3/1/13
|
100,000
|
105,947
|
Oracle Corp., 4.95%, 4/15/13
|
100,000
|
107,331
|
Western Union Co./The, 5.93%, 10/1/16
|
100,000
|
113,203
|
440,299
|
||
Total Corporate Notes and Bonds
(Cost $1,817,668)
|
1,921,876
|
Shares
|
Value (Note 1)
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 14.7%
|
||
Fannie Mae - 2.2%
|
||
4.875%, 5/18/12
|
150,000
|
$ 155,634
|
2.375%, 7/28/15
|
100,000
|
103,053
|
258,687
|
||
Federal Home Loan Bank - 1.5%
|
||
5.5%, 8/13/14
|
150,000
|
171,094
|
Freddie Mac - 1.4%
|
||
4.875%, 11/15/13
|
150,000
|
165,026
|
U.S. Treasury Note - 9.6%
|
||
1%, 7/31/11
|
400,000
|
400,205
|
1%, 4/30/12
|
75,000
|
75,510
|
1.875%, 6/15/12
|
75,000
|
76,186
|
0.5%, 11/15/13
|
75,000
|
74,830
|
4.25%, 8/15/14
|
100,000
|
110,539
|
3.125%, 10/31/16
|
125,000
|
132,891
|
3.75%, 11/15/18
|
185,000
|
200,436
|
2.625%, 11/15/20
|
50,000
|
48,164
|
1,118,761
|
||
Total U.S. Government and Agency Obligations (Cost $1,653,204)
|
1,713,568
|
|
Shares
|
Value (Note 1)
|
|
Repurchase Agreement - 3.9%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $469,114 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $459,914 (Cost $459,914)
|
$ 459,914
|
|
TOTAL INVESTMENTS - 99.9% (Cost $10,608,872)
|
11,712,728
|
|
NET OTHER ASSETS AND LIABILITIES - 0.1%
|
15,395
|
|
TOTAL ASSETS - 100.0%
|
$ 11,728,123
|
*
|
Non-income producing
|
ADR
|
American Depository Receipt
|
PLC
|
Public Limited Company
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 94.5%
|
||
Consumer Discretionary - 6.1%
|
||
Esprit Holdings Ltd., ADR
|
5,055
|
$ 31,442
|
Reed Elsevier PLC, ADR
|
878
|
32,029
|
WPP PLC, ADR
|
505
|
31,689
|
95,160
|
||
Consumer Staples - 19.7%
|
||
Carrefour S.A., ADR*
|
3,805
|
31,445
|
Diageo PLC, ADR
|
770
|
63,040
|
Imperial Tobacco Group PLC
|
597
|
39,699
|
Kao Corp., ADR
|
1,527
|
39,896
|
Nestle S.A., ADR
|
757
|
46,975
|
Tesco PLC, ADR
|
2,042
|
39,537
|
Unilever PLC, ADR
|
1,455
|
47,127
|
307,719
|
||
Energy - 11.7%
|
||
ENI SpA, ADR
|
1,008
|
47,930
|
Petroleo Brasileiro S.A., ADR
|
1,174
|
39,752
|
Royal Dutch Shell PLC, ADR
|
670
|
47,657
|
Total S.A., ADR
|
828
|
47,892
|
183,231
|
||
Financials - 14.3%
|
||
Allianz SE, ADR
|
2,286
|
31,927
|
AXA SA, ADR
|
1,422
|
32,307
|
Banco Santander S.A., ADR
|
2,774
|
31,929
|
HSBC Holdings PLC, ADR
|
950
|
47,139
|
Mitsubishi UFJ Financial Group Inc.
|
9,928
|
47,952
|
UBS AG*
|
1,732
|
31,626
|
222,880
|
||
Health Care - 16.2%
|
||
GlaxoSmithKline PLC, ADR
|
1,468
|
62,977
|
Novartis AG, ADR
|
1,034
|
63,188
|
Roche Holding AG, ADR
|
1,119
|
46,747
|
Sanofi, ADR
|
1,194
|
47,963
|
Teva Pharmaceutical Industries Ltd., ADR
|
656
|
31,632
|
252,507
|
||
Industrials - 2.0%
|
||
Secom Co. Ltd., ADR
|
2,639
|
31,412
|
Shares
|
Value (Note 1)
|
|
Information Technology - 9.8%
|
||
Canon Inc., ADR
|
984
|
$ 46,828
|
Nintendo Co. Ltd., ADR
|
1,533
|
35,758
|
SAP AG, ADR
|
655
|
39,725
|
Telefonaktiebolaget LM Ericsson
|
2,205
|
31,708
|
154,019
|
||
Materials - 9.6%
|
||
Akzo Nobel NV, ADR
|
622
|
39,228
|
CRH PLC, ADR
|
1,445
|
32,541
|
Givaudan SA, ADR
|
1,853
|
39,151
|
Syngenta AG, ADR*
|
585
|
39,523
|
150,443
|
||
Telecommunication Services - 5.1%
|
||
France Telecom SA, ADR
|
2,256
|
48,030
|
NTT DoCoMo Inc., ADR
|
1,759
|
31,504
|
79,534
|
||
Total Common Stocks
(Cost $1,474,462)
|
1,476,905
|
|
Repurchase Agreement - 4.9%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $77,999 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $76,469 (Cost $76,469)
|
76,469
|
|
TOTAL INVESTMENTS - 99.4% (Cost $1,550,931)
|
1,553,374
|
|
NET OTHER ASSETS AND LIABILITIES - 0.6%
|
9,720
|
|
TOTAL ASSETS - 100.0%
|
$ 1,563,094
|
*
|
Non-income producing
|
ADR
|
American Depository Receipt
|
PLC
|
Public Limited Company
|
Investors
Fund
|
Mid-Cap
Fund
|
Disciplined
Equity
Fund
|
Balanced
Fund
|
NorthRoad International Fund**
|
|
ASSETS
|
|||||
Investments, at value (Notes 1 and 2)
|
|||||
Investment securities
|
$ 40,081,212
|
$150,023,957
|
$157,576,323
|
$ 11,252,814
|
$ 1,476,905
|
Repurchase agreements
|
1,492,672
|
9,285,662
|
6,205,156
|
459,914
|
76,469
|
Total investments*
|
41,573,884
|
159,309,619
|
163,781,479
|
11,712,728
|
1,553,374
|
Receivables
|
|||||
Investment securities sold
|
1,083,497
|
–
|
2,090,748
|
196,240
|
1,483,723
|
Dividends and interest
|
41,978
|
140,279
|
169,430
|
47,929
|
1,458
|
Capital shares sold
|
4,549
|
828,966
|
30,956
|
1,360
|
–
|
Total assets
|
42,703,908
|
160,278,864
|
166,072,613
|
11,958,257
|
3,038,555
|
LIABILITIES
|
|||||
Payables
|
|||||
Investment securities purchased
|
1,046,131
|
–
|
2,742,507
|
200,911
|
1,474,461
|
Dividends
|
–
|
–
|
–
|
1,598
|
–
|
Capital shares redeemed
|
39,919
|
188,168
|
62,064
|
23,750
|
–
|
Auditor fees
|
6,000
|
12,250
|
9,250
|
3,000
|
1,000
|
Independent trustee fees
|
3,875
|
3,875
|
375
|
875
|
–
|
Total liabilities
|
1,095,925
|
204,293
|
2,814,196
|
230,134
|
1,475,461
|
NET ASSETS
|
$ 41,607,983
|
$160,074,571
|
$163,258,417
|
$ 11,728,123
|
$ 1,563,094
|
Net assets consists of:
|
|||||
Paid in capital
|
41,029,943
|
122,536,316
|
147,540,080
|
10,475,254
|
1,144,226
|
Undistributed net investment income (loss)
|
156,707
|
(262,813)
|
688,103
|
–
|
(2,903)
|
Accumulated net realized gains (losses)
|
(3,773,397)
|
2,858,630
|
5,439,685
|
149,013
|
419,328
|
Net unrealized appreciation on investments
|
4,194,730
|
34,942,438
|
9,590,549
|
1,103,856
|
2,443
|
Net assets
|
$ 41,607,983
|
$160,074,571
|
$163,258,417
|
$ 11,728,123
|
$ 1,563,094
|
CAPITAL SHARES OUTSTANDING
|
|||||
An unlimited number of capital shares,
without par value, are authorized. (Note 7)
|
2,448,658
|
12,543,216
|
12,350,056
|
658,693
|
109,962
|
NET ASSET VALUE PER SHARE
|
$16.99
|
$12.76
|
$13.22
|
$17.81
|
$14.21
|
*INVESTMENT SECURITIES, AT COST
|
$ 37,379,154
|
$124,367,181
|
$154,190,930
|
$ 10,608,872
|
$ 1,550,931
|
Investors
Fund
|
Mid-Cap
Fund
|
Disciplined Equity
Fund
|
Balanced
Fund
|
NorthRoad International
Fund*
|
|
INVESTMENT INCOME (Note 1)
|
|||||
Interest income
|
$ 135
|
$ 489
|
$ 555
|
$ 66,428
|
$ 5
|
Dividend income
|
368,483
|
719,161
|
1,466,640
|
71,381
|
7,676
|
Total investment income
|
368,618
|
719,650
|
1,467,195
|
137,809
|
7,681
|
EXPENSES (Notes 3 and 5)
|
|||||
Investment advisory fees
|
160,539
|
590,255
|
606,382
|
45,263
|
6,355
|
Other expenses:
|
|||||
Service agreement fees
|
37,622
|
372,208
|
193,898
|
25,425
|
3,229
|
Auditor fees
|
6,000
|
12,250
|
9,250
|
3,000
|
1,000
|
Independent trustee fees
|
7,750
|
7,750
|
750
|
1,750
|
–
|
Other expenses waived
|
–
|
–
|
(31,188)
|
–
|
–
|
Total other expenses
|
51,372
|
392,208
|
172,710
|
30,175
|
4,229
|
Total expenses
|
211,911
|
982,463
|
779,092
|
75,438
|
10,584
|
NET INVESTMENT INCOME (LOSS)
|
156,707
|
(262,813)
|
688,103
|
62,371
|
(2,903)
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
|||||
Net realized gain on investments
|
2,023,143
|
10,320,986
|
5,172,860
|
527,227
|
400,356
|
Change in net unrealized appreciation (depreciation) of investments
|
(1,072,840)
|
5,579,872
|
(170,895)
|
(309,977)
|
(280,110)
|
NET GAIN ON INVESTMENTS
|
950,303
|
15,900,858
|
5,001,965
|
217,250
|
120,246
|
TOTAL INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
|
$1,107,010
|
$15,638,045
|
$5,690,068
|
$279,621
|
$117,343
|
Investors Fund
|
Mid-Cap Fund
|
|||
(unaudited)
Six-Months Ended June 30,
|
Year Ended Dec. 31,
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended Dec. 31,
|
|
2011
|
2010
|
2011
|
2010
|
|
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
|
||||
Net investment income (loss)
|
$ 156,707
|
$ 239,625
|
$ (262,813)
|
$ (390,483)
|
Net realized gain on investments
|
2,023,143
|
1,011,557
|
10,320,986
|
11,120,939
|
Net unrealized appreciation (depreciation) on investments
|
(1,072,840)
|
2,606,593
|
5,579,872
|
18,528,051
|
Net increase in net assets resulting from operations
|
1,107,010
|
3,857,775
|
15,638,045
|
29,258,507
|
DISTRIBUTIONS TO SHAREHOLDERS
FROM NET INVESTMENT INCOME
|
–
|
(239,625)
|
–
|
–
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
(2,380,706)
|
(420,547)
|
(14,976,867)
|
(10,392,681)
|
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(1,273,696)
|
3,197,603
|
661,178
|
18,865,826
|
NET ASSETS
|
||||
Beginning of period
|
$42,881,679
|
$39,684,076
|
$159,413,393
|
$140,547,567
|
End of period
|
$41,607,983
|
$42,881,679
|
$160,074,571
|
$159,413,393
|
Disciplined Equity Fund
|
Balanced Fund
|
|||
(unaudited)
Six-Months Ended June 30,
|
Year Ended Dec. 31,
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended Dec. 31,
|
|
2011
|
2010
|
2011
|
2010
|
|
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
|
||||
Net investment income
|
$ 688,103
|
$ 530,727
|
$ 62,371
|
$ 139,574
|
Net realized gain on investments
|
5,172,860
|
933,085
|
527,227
|
379,920
|
Net unrealized appreciation (depreciation) on investments
|
(170,895)
|
8,509,840
|
(309,977)
|
392,114
|
Net increase in net assets resulting from operations
|
5,690,068
|
9,973,652
|
279,621
|
911,608
|
DISTRIBUTIONS TO SHAREHOLDERS
|
||||
From net investment income
|
–
|
(530,727)
|
(62,371)
|
(139,574)
|
From net capital gains
|
–
|
(221,732)
|
–
|
–
|
Total distributions
|
–
|
(752,459)
|
(62,371)
|
(139,574)
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
58,587,009
|
48,310,018
|
(745,346)
|
(634,826)
|
TOTAL INCREASE IN NET ASSETS
|
64,277,077
|
57,531,211
|
(528,096)
|
137,208
|
NET ASSETS
|
||||
Beginning of period
|
$ 98,981,340
|
$41,450,129
|
$12,256,219
|
$12,119,011
|
End of period
|
$163,258,417
|
$98,981,340
|
$11,728,123
|
$12,256,219
|
NorthRoad International Fund*
|
||
(unaudited)
Six-Months Ended June 30,
|
Year Ended
Dec. 31,
|
|
2011
|
2010
|
|
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS
|
||
Net investment income
|
$ (2,903)
|
$ 271
|
Net realized gain (loss) on investments
|
400,356
|
100,114
|
Net unrealized appreciation on investments
|
(280,110)
|
146,941
|
Net increase in net assets resulting from operations
|
117,343
|
247,326
|
DISTRIBUTIONS TO SHAREHOLDERS
|
||
From net investment income
|
–
|
(271)
|
From net capital gains
|
–
|
(101,704)
|
Total distributions
|
–
|
(101,975)
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
(317,555)
|
561,942
|
TOTAL INCREASE IN NET ASSETS
|
(200,212)
|
707,293
|
NET ASSETS
|
||
Beginning of period
|
$1,763,306
|
$1,056,013
|
End of period
|
$1,563,094
|
$1,763,306
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$16.55
|
$15.07
|
$11.31
|
$18.44
|
$20.57
|
$18.81
|
Investment operations:
|
||||||
Net investment income
|
0.06
|
0.09
|
0.05
|
0.08
|
0.20
|
0.09
|
Net realized and unrealized gain (loss) on investments
|
0.38
|
1.48
|
3.76
|
(6.28)
|
(0.21)
|
3.02
|
Total from investment operations
|
0.44
|
1.57
|
3.81
|
(6.20)
|
(0.01)
|
3.11
|
Less distributions:
|
||||||
From net investment income
|
–
|
(0.09)
|
(0.05)
|
(0.08)
|
(0.20)
|
(0.09)
|
From net capital gains
|
–
|
–
|
–
|
(0.85)
|
(1.92)
|
(1.26)
|
Total distributions
|
–
|
(0.09)
|
(0.05)
|
(0.93)
|
(2.12)
|
(1.35)
|
Net asset value, end of period
|
$16.99
|
$16.55
|
$15.07
|
$11.31
|
$18.44
|
$20.57
|
Total return (%)
|
2.66
|
10.44
|
33.73
|
(33.40)
|
(0.18)
|
16.55
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$41,608
|
$42,882
|
$39,684
|
$28,030
|
$55,991
|
$176,861
|
Ratio of expenses to average net assets (%)
|
0.981
|
0.99
|
1.00
|
1.05
|
0.94
|
0.95
|
Ratio of net investment income to average net assets (%)
|
0.731
|
0.60
|
0.40
|
0.47
|
0.78
|
0.55
|
Portfolio turnover (%)
|
20
|
41
|
74
|
47
|
51
|
52
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$11.57
|
$9.55
|
$7.67
|
$12.87
|
$13.04
|
$11.99
|
Investment operations:
|
||||||
Net investment loss
|
(0.02)
|
(0.03)
|
(0.03)
|
(0.03)
|
(0.02)
|
(0.02)
|
Net realized and unrealized gain (loss) on investments
|
1.21
|
2.05
|
1.91
|
(4.71)
|
1.15
|
1.98
|
Total from investment operations
|
1.19
|
2.02
|
1.88
|
(4.74)
|
1.13
|
1.96
|
Less distributions from capital gains
|
–
|
–
|
–
|
(0.46)
|
(1.30)
|
(0.91)
|
Net asset value, end of period
|
$12.76
|
$11.57
|
$9.55
|
$7.67
|
$12.87
|
$13.04
|
Total return (%)
|
10.29
|
21.15
|
24.51
|
(36.61)
|
8.62
|
16.32
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$160,075
|
$159,413
|
$140,548
|
$88,964
|
$146,378
|
$147,122
|
Ratio of expenses to average net assets (%)
|
1.241
|
1.25
|
1.26
|
1.26
|
1.25
|
1.25
|
Ratio of net investment income to average net assets (%)
|
(0.33)1
|
(0.26)
|
(0.36)
|
(0.33)
|
(0.18)
|
(0.18)
|
Portfolio turnover (%)
|
12
|
57
|
63
|
76
|
43
|
47
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$12.68
|
$11.66
|
$8.81
|
$13.78
|
$14.07
|
$12.61
|
Investment operations:
|
||||||
Net investment income
|
0.05
|
0.07
|
0.01
|
0.09
|
0.06
|
0.07
|
Net realized and unrealized gain (loss) on investments
|
0.49
|
1.05
|
2.85
|
(4.80)
|
1.21
|
2.05
|
Total from investment operations
|
0.54
|
1.12
|
2.86
|
(4.71)
|
1.27
|
2.12
|
Less distributions:
|
||||||
From net investment income
|
–
|
(0.07)
|
(0.01)
|
(0.09)
|
(0.06)
|
(0.07)
|
From net capital gains
|
–
|
(0.03)
|
–
|
(0.17)
|
(1.50)
|
(0.59)
|
Total distributions
|
–
|
(0.10)
|
(0.01)
|
(0.26)
|
(1.56)
|
(0.66)
|
Net asset value, end of period
|
$13.22
|
$12.68
|
$11.66
|
$8.81
|
$13.78
|
$14.07
|
Total return (%)
|
4.26
|
9.58
|
32.50
|
(34.20)
|
9.05
|
16.83
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$163,258
|
$98,981
|
$41,450
|
$3,072
|
$4,499
|
$4,081
|
Ratio of expenses to average net assets before fee waiver (%)
|
0.991
|
1.09
|
1.06
|
1.14
|
1.26
|
1.27
|
Ratio of expenses to average net assets after fee waiver (%)
|
0.951
|
0.99
|
0.96
|
1.06
|
N/A
|
N/A
|
Ratio of net investment income to average net assets before fee waiver (%)
|
0.801
|
0.68
|
0.49
|
0.72
|
0.41
|
0.54
|
Ratio of net investment income to average net assets after fee waiver (%)
|
0.841
|
0.78
|
0.60
|
0.80
|
N/A
|
N/A
|
Portfolio turnover (%)
|
25
|
40
|
62
|
63
|
70
|
54
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$17.50
|
$16.39
|
$13.29
|
$17.62
|
$18.39
|
$17.40
|
Investment operations:
|
||||||
Net investment income
|
0.09
|
0.19
|
0.17
|
0.25
|
0.28
|
0.23
|
Net realized and unrealized gain (loss) on investments
|
0.31
|
1.11
|
3.10
|
(3.72)
|
0.13
|
1.84
|
Total from investment operations
|
0.40
|
1.30
|
3.27
|
(3.47)
|
0.41
|
2.07
|
Less distributions:
|
||||||
From net investment income
|
(0.09)
|
(0.19)
|
(0.17)
|
(0.25)
|
(0.28)
|
(0.23)
|
From net capital gains
|
–
|
–
|
–
|
(0.61)
|
(0.90)
|
(0.85)
|
Total distributions
|
(0.09)
|
(0.19)
|
(0.17)
|
(0.86)
|
(1.18)
|
(1.08)
|
Net asset value, end of period
|
$17.81
|
$17.50
|
$16.39
|
$13.29
|
$17.62
|
$18.39
|
Total return (%)
|
2.30
|
8.02
|
24.82
|
(19.92)
|
2.24
|
11.96
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$11,728
|
$12,256
|
$12,119
|
$10,139
|
$13,800
|
$16,267
|
Ratio of expenses to average net assets (%)
|
1.241
|
1.24
|
1.25
|
1.24
|
1.22
|
1.22
|
Ratio of net investment income to average net assets (%)
|
1.031
|
1.16
|
1.19
|
1.49
|
1.47
|
1.24
|
Portfolio turnover (%)
|
15
|
39
|
57
|
50
|
42
|
35
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended
December 31,
|
||
2011
|
2010
|
2009
|
|
Net asset value, beginning of year
|
$13.30
|
$11.92
|
$10.003
|
Investment operations:
|
|||
Net investment income (loss)
|
(0.02)
|
0.001
|
(0.03)
|
Net realized and unrealized gain (loss) on investments
|
0.93
|
2.20
|
3.01
|
Total from investment operations
|
0.91
|
2.20
|
2.98
|
Less distribution:
|
|||
From net investment income
|
–
|
0.001
|
–
|
From net capital gains
|
–
|
(0.82)
|
(1.06)
|
Total distributions
|
–
|
(0.82)
|
(1.06)
|
Net asset value, end of year
|
$14.21
|
$13.30
|
$11.92
|
Total return (%)
|
6.84
|
18.42
|
29.66
|
Ratios and supplemental data
|
|||
Net assets, end of year (in thousands)
|
$1,563
|
$1,763
|
$1,056
|
Ratio of expenses to average net assets (%)
|
1.242
|
1.25
|
1.24
|
Ratio of net investment income (loss) to average net assets (%)
|
(0.34)2
|
0.02
|
(0.31)
|
Portfolio turnover (%)
|
109
|
61
|
74
|
|
Level 1 –quoted prices in active markets for identical investments
|
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data, etc.)
|
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Fund
|
Level 1
|
Level 2
|
Level 3
|
Value at 6/30/11
|
Investors
|
||||
Common Stocks
|
$40,081,212
|
$ –
|
$ –
|
$40,081,212
|
Repurchase Agreement
|
–
|
1,492,672
|
–
|
1,492,672
|
Total
|
$40,081,212
|
$1,492,672
|
$ –
|
$41,573,884
|
Mid-Cap
|
||||
Common Stocks
|
$150,023,957
|
$ –
|
$ –
|
$150,023,957
|
Repurchase Agreement
|
–
|
9,285,662
|
–
|
9,285,662
|
Total
|
$150,023,957
|
$9,285,662
|
$ –
|
$159,309,619
|
Disciplined Equity
|
||||
Common Stocks
|
$157,576,323
|
$ –
|
$ –
|
$157,576,323
|
Repurchase Agreement
|
–
|
6,205,156
|
–
|
6,205,156
|
Total
|
$157,576,323
|
$6,205,156
|
$ –
|
$163,781,479
|
Balanced
|
||||
Common Stocks
|
$7,617,370
|
$ –
|
$ –
|
$7,617,370
|
Corporate Obligations
|
–
|
1,921,876
|
–
|
1,921,876
|
U.S. Treasury &
Agency Obligations
|
–
|
1,713,568
|
–
|
1,713,568
|
Repurchase Agreement
|
–
|
459,914
|
–
|
459,914
|
Total
|
$7,617,370
|
$4,095,358
|
$ –
|
$11,712,728
|
NorthRoad International
|
||||
Common Stocks
|
$1,476,905
|
$ –
|
$ –
|
$1,476,905
|
Repurchase Agreement
|
–
|
76,469
|
–
|
76,469
|
Total
|
$1,476,905
|
$ 76,469
|
$ –
|
$1,553,374
|
Please see the Portfolio of Investments for each respective Fund for a listing of all securities within each caption.
|
2010
|
2009
|
|
Investors Fund:
|
||
Distributions paid from ordinary income
|
$ 239,625
|
$ 144,107
|
Disciplined Equity Fund:
|
||
Distributions paid from:
|
||
Ordinary income
|
$ 598,830
|
$ 47,510
|
Long-term capital gains
|
153,629
|
–
|
Balanced Fund:
|
||
Distributions paid from ordinary income
|
$ 139,574
|
$ 126,787
|
NorthRoad International Fund:
|
||
Distributions paid from:
|
||
Ordinary income
|
$ 52,639
|
$ 85,950
|
Long-term capital gains
|
$ 49,336
|
–
|
Investors Fund:
|
|
Undistributed net investment income
|
$ 156,707
|
Accumulated net realized losses
|
(3,685,006)
|
Net unrealized appreciation on investments
|
4,106,339
|
$ 578,040
|
|
Mid-Cap Fund:
|
|
Undistributed net investment loss
|
$ (262,813)
|
Accumulated net realized gains
|
3,937,226
|
Net unrealized appreciation on investments
|
33,863,842
|
$37,538,255
|
|
Disciplined Equity Fund:
|
|
Undistributed net investment income
|
$ 688,103
|
Accumulated net realized gains
|
5,484,527
|
Net unrealized appreciation on investments
|
9,545,707
|
$15,718,337
|
|
Balanced Fund:
|
|
Accumulated net realized gains
|
$ 178,653
|
Net unrealized appreciation on investments
|
1,074,216
|
$1,252,869
|
|
NorthRoad International Fund:
|
|
Undistributed net investment loss
|
$ (2,903)
|
Accumulated net realized gains
|
419,328
|
Net unrealized appreciation on investments
|
2,443
|
$418,868
|
Expiration Date
|
Investors Fund
|
Mid-Cap
Fund
|
Balanced
Fund
|
December 31, 2016
|
$1,512,847
|
–
|
–
|
December 31, 2017
|
4,195,302
|
$6,383,760
|
$348,574
|
Purchases
|
Sales
|
|
Investors Fund:
|
||
U. S. Gov’t Securities
|
–
|
–
|
Other
|
$8,269,583
|
$10,179,990
|
Mid-Cap Fund:
|
||
U. S. Gov’t Securities
|
–
|
–
|
Other
|
$18,478,213
|
$36,009,460
|
Disciplined Equity Fund:
|
||
U. S. Gov’t Securities
|
–
|
–
|
Other
|
$95,506,242
|
$37,360,466
|
Balanced Fund:
|
||
U. S. Gov’t Securities
|
$ 151,878
|
–
|
Other
|
$1,637,050
|
$2,690,764
|
Purchases
|
Sales
|
|
NorthRoad International Fund:
|
||
U. S. Gov’t Securities
|
–
|
–
|
Other
|
$1,741,085
|
$1,910,167
|
Investors
Fund
|
Mid-Cap
Fund
|
|
Aggregate Cost
|
$37,467,545
|
$125,445,777
|
Gross unrealized appreciation
|
5,889,872
|
36,400,601
|
Gross unrealized depreciation
|
(1,783,533)
|
(2,536,759)
|
Net unrealized appreciation
|
$ 4,106,339
|
$ 33,863,842
|
Disciplined Equity Fund
|
Balanced
Fund
|
|
Aggregate Cost
|
$154,235,772
|
$10,638,512
|
Gross unrealized appreciation
|
15,068,546
|
1,388,264
|
Gross unrealized depreciation
|
(5,522,839)
|
(314,048)
|
Net unrealized appreciation
|
$ 9,545,707
|
$ 1,074,216
|
NorthRoad International Fund
|
|
Aggregate Cost
|
$1,550,931
|
Gross unrealized appreciation
|
5,406
|
Gross unrealized depreciation
|
(2,963)
|
Net unrealized appreciation
|
$ 2,443
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|
Investors Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$2,261,349
|
$7,889,489
|
Shares issued in reinvestment of dividends
|
–
|
211,972
|
Total shares issued
|
2,261,349
|
8,101,461
|
Shares redeemed
|
(4,642,055)
|
(8,522,008)
|
Net decrease
|
$(2,380,706)
|
$ (420,547)
|
In Shares
|
||
Shares sold
|
133,174
|
512,651
|
Shares issued in reinvestment of dividends
|
–
|
12,808
|
Total shares issued
|
133,174
|
525,459
|
Shares redeemed
|
(275,776)
|
(567,461)
|
Net decrease
|
(142,602)
|
(42,002)
|
Mid-Cap Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$18,852,039
|
$35,464,120
|
Shares issued in reinvestment of dividends
|
–
|
–
|
Total shares issued
|
18,852,039
|
35,464,120
|
Shares redeemed
|
(33,828,906)
|
(45,856,801)
|
Net increase (decrease)
|
$(14,976,867)
|
$(10,392,681)
|
Mid-Cap Fund (cont.)
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
2011
|
2010
|
|
Shares sold
|
1,518,465
|
3,554,316
|
Shares issued in reinvestment of dividends
|
–
|
–
|
Total shares issued
|
1,518,465
|
3,554,316
|
Shares redeemed
|
(2,753,795)
|
(4,491,882)
|
Net decrease
|
(1,235,330)
|
(937,566)
|
Disciplined Equity Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$72,901,417
|
$49,934,288
|
Shares issued in reinvestment of dividends
|
–
|
48,040
|
Total shares issued
|
72,901,417
|
49,982,328
|
Shares redeemed
|
(14,314,408)
|
(1,672,310)
|
Net increase
|
$58,587,009
|
$48,310,018
|
In Shares
|
||
Shares sold
|
5,658,437
|
4,385,449
|
Shares issued in reinvestment of dividends
|
–
|
3,783
|
Total shares issued
|
5,658,437
|
4,389,232
|
Shares redeemed
|
(1,112,196)
|
(139,064)
|
Net increase
|
4,546,241
|
4,250,168
|
Balanced Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$238,662
|
$815,118
|
Shares issued in reinvestment of dividends
|
58,347
|
130,183
|
Total shares issued
|
297,009
|
945,301
|
Shares redeemed
|
(1,042,355)
|
(1,580,127)
|
Net decrease
|
$(745,346)
|
$(634,826)
|
In Shares
|
||
Shares sold
|
13,451
|
49,220
|
Shares issued in reinvestment of dividends
|
3,279
|
7,854
|
Total shares issued
|
16,730
|
57,074
|
Shares redeemed
|
(58,450)
|
(95,941)
|
Net decrease
|
(41,720)
|
(38,867)
|
NorthRoad International Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$114,439
|
$504,262
|
Shares issued in reinvestment of dividends
|
–
|
101,974
|
Total shares issued
|
114,439
|
606,236
|
Shares redeemed
|
(431,994)
|
(44,294)
|
Net increase (decrease)
|
$(317,555)
|
$561,942
|
NorthRoad International
Fund (cont.)
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
2011
|
2010
|
|
In Shares
|
||
Shares sold
|
8,445
|
39,869
|
Shares issued in reinvestment of dividends
|
–
|
7,644
|
Total shares issued
|
8,445
|
47,513
|
Shares redeemed
|
(31,015)
|
(3,541)
|
Net increase (decrease)
|
(22,570)
|
43,972
|
Based on Actual Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Investors Fund
|
$1,000.00
|
$1,026.59
|
0.98%
|
$5.02
|
Mid-Cap Fund
|
$1,000.00
|
$1,102.85
|
1.24%
|
$6.63
|
Disciplined Equity Fund
|
$1,000.00
|
$1,042.59
|
0.95%*
|
$4.87
|
Balanced Fund
|
$1,000.00
|
$1,023.02
|
1.24%
|
$6.29
|
NorthRoad International Fund
|
$1,000.00
|
$1,068.42
|
1.24%
|
$6.54
|
*After fee waiver. See Note 5.
1For the six-months ended June 30, 2011.
2Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
|
Based on Hypothetical Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Investors Fund
|
$1,000.00
|
$1,025.05
|
0.98%
|
$4.93
|
Mid-Cap Fund
|
$1,000.00
|
$1,025.05
|
1.24%
|
$6.22
|
Disciplined Equity Fund
|
$1,000.00
|
$1,025.05
|
0.95%*
|
$4.76
|
Balanced Fund
|
$1,000.00
|
$1,025.05
|
1.24%
|
$6.23
|
NorthRoad International Fund
|
$1,000.00
|
$1,025.05
|
1.24%
|
$6.23
|
*After fee waiver. See Note 5.
1For the six-months ended June 30, 2011.
2Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
|
Review of Period
|
1
|
Portfolio of Investments
|
4
|
Statement of Assets and Liabilities
|
6
|
Statement of Operations
|
7
|
Statement of Changes in Net Assets
|
8
|
Financial Highlights
|
9
|
Notes to Financial Statements
|
10
|
Other Information
|
15
|
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 6/30/11
|
|
Consumer Discretionary
|
13.7%
|
Energy
|
2.3%
|
Financials
|
19.6%
|
Health Care
|
12.9%
|
Information Technology
|
25.2%
|
Cash & Other
|
26.3%
|
TOP TEN STOCK HOLDINGS AS OF JUNE 30, 2011
|
|
% of net assets
|
|
Celgene Corp.
|
4.80%
|
Visa Inc., Class A
|
4.19%
|
Microsoft Corp.
|
4.14%
|
American Express Co.
|
4.11%
|
Morgan Stanley
|
3.43%
|
Gilead Sciences Inc.
|
3.29%
|
Goldman Sachs Group Inc./The
|
3.18%
|
Cisco Systems Inc.
|
3.10%
|
Google Inc., Class A
|
3.02%
|
State Street Corp.
|
2.96%
|
Shares
|
Value (Note 1)
|
|
COMMON STOCK - 77.8%
|
||
Consumer Discretionary - 14.4%
|
||
American Eagle Outfitters Inc.
|
10,000
|
$ 127,500
|
Best Buy Co. Inc.
|
4,000
|
125,640
|
Kohl’s Corp.
|
2,500
|
125,025
|
Staples Inc.
|
6,000
|
94,800
|
Target Corp.
|
2,600
|
121,966
|
TJX Cos. Inc.
|
2,500
|
131,325
|
726,256
|
||
Energy - 2.5%
|
||
Apache Corp.
|
1,000
|
123,390
|
Financials - 20.6%
|
||
American Express Co.
|
4,000
|
206,800
|
Bank of America Corp.
|
11,000
|
120,560
|
Bank of New York Mellon Corp./The
|
3,500
|
89,670
|
Goldman Sachs Group Inc./The
|
1,200
|
159,708
|
Morgan Stanley
|
7,500
|
172,575
|
State Street Corp.
|
3,300
|
148,797
|
Wells Fargo & Co.
|
5,000
|
140,300
|
1,038,410
|
||
Health Care - 13.7%
|
||
Celgene Corp.*
|
4,000
|
241,280
|
Gilead Sciences Inc.*
|
4,000
|
165,640
|
Mylan Inc.*
|
5,500
|
135,685
|
Teva Pharmaceutical Industries Ltd., ADR
|
3,000
|
144,660
|
687,265
|
||
Shares
|
Value (Note 1)
|
|
Information Technology - 26.6%
|
||
Adobe Systems Inc.*
|
3,800
|
$ 119,510
|
Brocade Communications Systems Inc.*
|
20,000
|
129,200
|
Cisco Systems Inc.
|
10,000
|
156,100
|
eBay Inc.*
|
4,200
|
135,534
|
Google Inc., Class A*
|
300
|
151,914
|
Hewlett-Packard Co.
|
3,000
|
109,200
|
Microsoft Corp.
|
8,000
|
208,000
|
Symantec Corp.*
|
6,000
|
118,320
|
Visa Inc., Class A
|
2,500
|
210,650
|
1,338,428
|
||
Total Common Stock
(Cost $4,093,745)
|
3,913,749
|
|
INVESTMENT COMPANIES - 1.5%
|
||
iPATH S&P 500 VIX Short-Term Futures ETN*
|
3,600
|
76,104
|
Total Investment Companies
(Cost $138,187)
|
76,104
|
|
Repurchase Agreement - 26.3%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $1,347,696 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $1,321,265 (Cost $1,321,265)
|
1,321,265
|
|
TOTAL INVESTMENTS - 105.6% (Cost $5,553,197)
|
5,311,118
|
|
NET OTHER ASSETS AND LIABILITIES - (2.7%)
|
(136,987)
|
|
Total Call Options Written - (2.9%)
|
(144,638)
|
|
TOTAL ASSETS - 100.0%
|
$5,029,493
|
*
|
Non-income producing
|
ETN
|
Exchange Traded Note
|
Call Options Written
|
Contracts
|
Expiration
|
Strike Price
|
Market Value
|
Adobe Systems Inc.
|
38
|
January 2012
|
$ 34.00
|
$ 6,688
|
American Eagle Outfitters Inc.
|
100
|
August 2011
|
16.00
|
500
|
American Express Co.
|
40
|
January 2012
|
50.00
|
19,400
|
Brocade Communications Systems Inc.
|
200
|
October 2011
|
6.00
|
20,000
|
Celgene Corp.
|
31
|
July 2011
|
57.50
|
9,610
|
eBay Inc.
|
42
|
October 2011
|
31.00
|
13,125
|
Gilead Sciences Inc.
|
40
|
January 2012
|
42.00
|
12,060
|
Goldman Sachs Group Inc./The
|
10
|
January 2012
|
135.00
|
9,625
|
Hewlett-Packard Co.
|
30
|
January 2012
|
37.00
|
7,500
|
Kohl’s Corp.
|
25
|
January 2012
|
52.50
|
6,000
|
Morgan Stanley
|
60
|
July 2011
|
28.00
|
240
|
Mylan Inc.
|
55
|
January 2012
|
24.00
|
13,998
|
State Street Corp.
|
25
|
August 2011
|
45.00
|
4,388
|
Symantec Corp.
|
60
|
July 2011
|
19.00
|
5,130
|
TJX Cos. Inc.
|
25
|
July 2011
|
46.00
|
16,375
|
Total Call Options Written (Premiums received $128,693)
|
$144,638
|
ASSETS
|
|
Investments, at value (Note 1 and 2)
|
|
Investment securities
|
$3,989,853
|
Repurchase agreements
|
1,321,265
|
Total investments (cost $5,553,197)
|
5,311,118
|
Dividends and interest receivable
|
2,874
|
Total assets
|
5,313,992
|
LIABILITIES
|
|
Options written, at value (premiums received of $128,693)
|
144,638
|
Payables
|
|
Investment securities purchased
|
136,611
|
Auditor fees
|
2,500
|
Independent trustee fees
|
750
|
Total liabilities
|
284,499
|
NET ASSETS
|
$5,029,493
|
Net assets consists of:
|
|
Paid in capital
|
8,452,035
|
Undistributed net investment loss
|
(8,197)
|
Accumulated net realized loss on investments and options transactions
|
(3,156,321)
|
Net unrealized depreciation on investments and options transactions
|
(258,024)
|
Net assets
|
$5,029,493
|
CAPITAL SHARES ISSUED AND OUTSTANDING
|
|
An unlimited number of capital shares authorized, $.01 par value per share (Note 7)
|
320,275
|
NET ASSET VALUE PER SHARE
|
$15.70
|
INVESTMENT INCOME (Note 1)
|
|
Interest income
|
$ 69
|
Dividend income
|
18,217
|
Other income
|
130
|
Total investment income
|
18,416
|
EXPENSES (Notes 3 and 5)
|
|
Investment advisory fees
|
20,360
|
Performance fulcrum fee
|
823
|
Other expenses:
|
|
Service agreement fees
|
1,430
|
Auditor fees
|
2,500
|
Independent trustee fees
|
1,500
|
Total other expenses
|
5,430
|
Total expenses
|
26,613
|
NET INVESTMENT INCOME (LOSS)
|
(8,197)
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
Net realized gain on:
|
|
Investments
|
43,695
|
Options
|
114,126
|
Net unrealized appreciation (depreciation) on:
|
|
Investments
|
(174,029)
|
Options
|
113,121
|
NET GAIN ON INVESTMENTS AND OPTIONS TRANSACTIONS
|
96,913
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ 88,716
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|
2011
|
2010
|
|
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
||
Net investment income (loss)
|
$ (8,197)
|
$ (1,114)
|
Net realized gain (loss) on investments and options transactions
|
157,821
|
(2,130,355)
|
Net unrealized appreciation (depreciation) on investments and options transactions
|
(60,908)
|
2,381,306
|
Net increase in net assets resulting from operations
|
88,716
|
249,837
|
DISTRIBUTION TO SHAREHOLDERS FROM NET INVESTMENT INCOME
|
–
|
–
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
$ (651,676)
|
$ (694,311)
|
NET DECREASE IN NET ASSETS
|
$ (562,960)
|
$ (444,474)
|
NET ASSETS
|
||
Beginning of period
|
$5,592,453
|
$6,036,927
|
End of period
|
$5,029,493
|
$5,592,453
|
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
For the period March 31, 2006* through
|
||||
2011
|
2010
|
2009
|
2008
|
2007
|
December 31, 2006
|
|
Net Asset Value, Beginning of Period
|
$15.48
|
$14.75
|
$11.44
|
$18.13
|
$21.18
|
$20.00
|
Investment Operations
|
||||||
Net investment income (loss)
|
(0.02)
|
(0.00)1
|
0.01
|
0.15
|
0.13
|
0.10
|
Net realized and unrealized gain (loss) on
investments and options transactions
|
0.24
|
0.73
|
3.31
|
(5.40)
|
(0.84)
|
1.44
|
Total from investment operations
|
0.22
|
0.73
|
3.32
|
(5.25)
|
(0.71)
|
1.54
|
Less distributions from:
|
||||||
Net investment income
|
–
|
–
|
(0.01)
|
(0.15)
|
(0.13)
|
(0.10)
|
Capital gains
|
–
|
–
|
–
|
(1.29)
|
(2.21)
|
(0.26)
|
Total distributions
|
–
|
–
|
(0.01)
|
(1.44)
|
(2.34)
|
(0.36)
|
Net Asset Value, End of Period
|
$15.70
|
$15.48
|
$14.75
|
$11.44
|
$18.13
|
$21.18
|
Total Investment Return (%)
|
1.42
|
4.95
|
29.05
|
(29.91)
|
(3.98)
|
7.74
|
Ratios and Supplemental Data
|
||||||
Net assets, end of period (thousands)
|
$5,029
|
$5,592
|
$6,037
|
$4,642
|
$13,153
|
$11,511
|
Ratio of expenses to average net assets (%)
|
0.97**
|
0.79
|
0.76
|
0.79
|
0.95
|
0.94**
|
Ratio of net investment income to average net assets (%)
|
(0.30)**
|
(0.02)
|
0.07
|
0.69
|
0.65
|
0.83**
|
Portfolio turnover (%)
|
45
|
81
|
46
|
40
|
103
|
41
|
* Commencement of operations.
** Annualized.
1 The fund had a net investment loss but it was less than a penny.
Net asset value figures are based on average daily shares outstanding during the year.
|
|
Level 1 –quoted prices in active markets for identical investments
|
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data, etc.)
|
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Madison Institutional Equity Option
|
Level 1
|
Level 2
|
Level 3
|
Value at 12/31/10
|
Assets:
|
||||
Common Stocks
|
$3,913,749
|
$ –
|
$ –
|
$3,913,749
|
Investment Companies
|
76,104
|
–
|
–
|
76,104
|
Repurchase Agreement
|
–
|
1,321,265
|
–
|
1,321,265
|
Total
|
$3,989,853
|
$1,321,265
|
$ –
|
$5,311,118
|
Liabilities:
|
||||
Written options
|
$ 144,638
|
$ –
|
$ –
|
$ 144,638
|
Total
|
$ 144,638
|
$ –
|
$ –
|
$ 144,638
|
Please see Portfolio of Investments for common stock sector breakdown and listing of all securities within each caption.
|
Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments
|
||||
Asset Derivatives
|
Liability Derivatives
|
|||
Derivatives not accounted
for as hedging instruments
|
Statement of Assets
and Liabilities Location
|
Fair Value
|
Statement of Assets
and Liabilities Location
|
Fair Value
|
Equity contracts
|
--
|
Options written
|
$144,638
|
Realized Gain on Derivatives:
|
Change in Unrealized Appreciation on Derivatives
|
|
Derivatives not accounted
for as hedging instruments
|
||
Equity contracts
|
$114,126
|
$113,121
|
Undistributed net investment loss
|
$ (8,197)
|
Net realized losses on investments
|
(3,112,539)
|
Net unrealized depreciation on investments
|
(301,806)
|
$(3,422,542)
|
Expiration Date
|
|
December 31, 2017
|
$1,125,781
|
December 31, 2018
|
2,144,578
|
Aggregate Cost
|
$5,596,979
|
Gross unrealized appreciation
|
174,090
|
Gross unrealized depreciation
|
(459,951)
|
Net unrealized depreciation
|
$(285,861)
|
Number of
Contracts
|
Premiums
Received
|
|
Options outstanding,
beginning of period
|
1,374
|
$272,036
|
Options written
|
795
|
147,080
|
Options expired
|
(312)
|
(65,356)
|
Options closed
|
(231)
|
(63,047)
|
Options assigned
|
(845)
|
(162,020)
|
Options outstanding
at end of period
|
781
|
$128,693
|
(unaudited)
Six-Months
Ended June 30,
|
Year Ended December 31,
|
|
2011
|
2010
|
|
In Dollars
|
||
Shares sold
|
$ –
|
$ 10,000
|
Shares issued in reinvestment of dividends
|
–
|
–
|
Total shares issued
|
–
|
10,000
|
Shares redeemed
|
(651,676)
|
(704,311)
|
Net increase (decrease)
|
$(651,676)
|
$(694,311)
|
In Shares
|
||
Shares sold
|
645
|
645
|
Shares issued in reinvestment of dividends
|
–
|
–
|
Total shares issued
|
–
|
645
|
Shares redeemed
|
(41,109)
|
(48,637)
|
Net increase (decrease)
|
(41,109)
|
3,777
|
Based on Actual Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Madison Institutional
Equity Option Fund
|
$1,000.00
|
$1,014.21
|
0.97%
|
$4.91
|
1For the six-months ended June 30, 2011.
2Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
|
Based on Hypothetical Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Madison Institutional
Equity Option Fund
|
$1,000.00
|
$1,025.05
|
0.97%
|
$4.89
|
1For the six-months ended June 30, 2011.
2Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
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(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.